Sec. 101.111. RIGHTS AND DUTIES OF ASSIGNOR OF MEMBERSHIP INTEREST. (a) An assignor of a membership interest in a limited liability company continues to be a member of the company and is entitled to exercise any unassigned rights or powers of a member of the company until the assignee becomes a member of the company.
(b) An assignor of a membership interest in a limited liability company is not released from the assignor's liability to the company, regardless of whether the assignee of the membership interest becomes a member of the company.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Section 101.101. Members Required
Section 101.102. Qualification for Membership
Section 101.103. Effective Date of Membership
Section 101.104. Classes or Groups of Members or Membership Interests
Section 101.105. Issuance of Membership Interests After Formation of Company
Section 101.106. Nature of Membership Interest
Section 101.107. Withdrawal or Expulsion of Member Prohibited
Section 101.108. Assignment of Membership Interest
Section 101.109. Rights and Duties of Assignee of Membership Interest Before Membership
Section 101.110. Rights and Liabilities of Assignee of Membership Interest After Becoming Member
Section 101.111. Rights and Duties of Assignor of Membership Interest
Section 101.1115. Effect of Death or Divorce on Membership Interest
Section 101.112. Member's Membership Interest Subject to Charging Order